The potential is there to expand to 50% of the market. The global book market is around $140 billion annually, with audiobooks still under 10% of that total.
Earlier this year, at Spotify’s Investor Day, CEO Daniel Ek said, “we believe that audiobooks, in their many different forms, will be a massive opportunity.” Spotify is betting big on audiobooks being an income driver in the future. Will Spotify enable self-published audiobooks to join its platform? Is it already using this for its podcasting features?
The deal also came with a self-publishing arm. Image: KnowTechie Spotify now has another revenue stream, one that’s not dependent on subscribers That purchase gave Spotify an audiobook publisher and distributor and one that distributes to other audiobook retailers. Last year, the company bought Findaway, a “leading audiobook platform.” Spotify has been positioning itself as a one-stop-shop for all things audio for some time now. READ MORE: How to listen to audiobooks on Spotify And yes, there’s a rating system, so you can rave about how much you liked the title (or didn’t). You can adjust the playback speed with various slower-than- and faster-than-normal options. Spotify also allows downloads for offline listening and has automatic bookmarking, so you never lose your place. Once paid, the audiobook will be available from the user’s library and can be played anytime. Tapping on that opens a separate webpage where users can pay for their audiobook. While browsing, the play button will look like a lock icon. Launched today, there are over 300,000 titles to purchase. Users in the US can go to a dedicated section, purchase their chosen books, and listen along.
Spotify is now selling audiobooks from inside its app. To make an audiobook purchase, users need to visit Spotify’s audiobook hub or the desktop app. UPDATE : Spotify’s iPhone app no longer sells audiobooks due to Apple’s rules on in-app purchases.
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